January Existing Home Sales Fall to Two-Year Low

xisting home sales fell to a two-year low in January, the National Association of Realtors said Tuesday.

The 2.8% drop to a 6.56 million annual rate from December’s revised 6.75 million was a bigger drop than economists’ forecasts of no change from a previously reported 6.6 million-unit rate, Bloomberg reported.

It was the fourth straight monthly decline in existing home sales.

Existing home sales account for 85% of the residential real estate market in the United States. When a home is sold, trucks are usually used to transport household appliances and furniture.